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Tata Tea earns record H1 profits

Tata Tea Ltd has posted a net profit at Rs 50.31 crore, registering an increase of 43 per cent for the first half-year ended September 30.

This is the highest ever profit recovered by the company in the first half in any year, the company claimed in a press release issued here today.

The company's total turnover during the first half of the current financial year registered an increase of 42 per cent over the corresponding period of last year. Excluding the turnover on traded coffee, the company's turnover on its mainline activities increased by 36 per cent.

The total exports rose to Rs 1.82 billion, increasing by 73 per cent over the previous half year. On its core products, the company's exports increased from Rs 230 million to Rs 580 million, an increase of 152 per cent.

Profit before tax on the company's mainline activities increased by 44 per cent, of which the increase in the selling price of tea accounted for approximately 22 per cent.

Tea prices, both in the north and in the south, have been firm in view of sustained export demand and continuing increase in domestic consumption. Barring unforeseen circumstances, the prospects for the current year are bright, the release said.

Tata Tea, incidentally, is embroiled in a major controversy with the company facing charges of funding outlawed militants in Assam such as the United Liberation Front of Asom and certain Bodo outfits.

EARLIER REPORTS:
The Tata Tea controversy

UNI